Austrian School of Economics

This text offers insight into the character of Austrian economics. It provides a collection of the recent works of leading authorities in this area.

This book studies the three issues that have been pursued by Austrian economists in post-revival years and weaves them together to construct a systematic presentation of Austrian macroeconomics.

Risk and Business Cycles examines the causes of business cycles. It argues the case for the revival of an important role for monetary causes in business cycle theory, which challenges the current trend towards favoring purely real theories. The work also presents a critique of the traditional Austrian theory of the trade cycle.

Revered by some as the most important twentieth century theorist of free society, Friedrich A. Hayek has been reviled by others as a mere reactionary. Impartial throughout, the author offers a clear exposition and balanced assessment that judges Hayek's theory by its own lights. The author argues that the key to understanding Hayek lies in an appreciation of the proper link between descriptive social science and normative political theory. He probes the idea of a spontaneous order and other notions central to Hayek's thought, and concludes that they are unable to provide the "scientific" foundation Hayek seeks for his liberalism. By drawing out the distinctive character of Hayek's thought, the author presents a new and more accurate picture of this important social and political theorist.

Drawing on the work of Foucault and Bourdieu, David Lindenfeld illuminates the practical imagination as it was exhibited in the transformation of the political and social sciences during the changing conditions of nineteenth-century Germany. Using a wealth of information from state and university archives, private correspondence, and a survey of lecture offerings in German universities, Lindenfeld examines the original group of learned disciplines which originated in eighteenth-century Germany as a curriculum to train state officials in the administration and reform of society and which included economics, statistics, politics, public administration, finance, and state law, as well as agriculture, forestry, and mining. He explores the ways in which some systems of knowledge became extinct, and how new ones came into existence, while other migrated to different subject areas. Lindenfeld argues that these sciences of state developed a technique of deliberation on practical issues such as tax policy and welfare, that serves as a model for contemporary administrations.